New tech alliance promises faster property settlements

The property transaction process could become easier through a new alliance that will provide all participants with real-time updates and the ability to collaborate online.

Risk management firm SAI Global has formed an alliance with cloud-based platform Rundl designed to make settlements more transparent for lenders, brokers, real estate agents, conveyancers and lawyers.

The alliance will give every person involved in a property transaction real-time visibility of how the process is progressing, enabling all parties to share documents, resolve any issues, verify information and finalise settlement requirements and processes online, SAI Global said.

SAI Global brought Settlement Room – a virtual property settlement platform – to the market late last year to improve industry efficiency and reduce settlement rates, and has already facilitated more than $15 billion in transactions.

Rundl was developed in 2008, by its founders Graeme Perkins, Ian Perkins and Richard Bootle, to give clients step-by-step advice through the confusing settlement process using a Facebook-style news feed, rather than dumping a mass of information on them at the start of the process.

There has already been a strong take-up of both platforms in the industry, with over 8,000 solicitors and conveyancers currently using Settlement Room, and nearly 2,000 property transaction participants using Rundl.

SAI Global executive general manager Kim Jenkins said the alliance with Rundl will deliver further efficiency benefits “for all parties involved in property transactions”.

Rundl managing director Ian Perkins said the alliance is “a major game changer” for the property industry that openly delivers beginning-to-end transaction benefits to industry professionals and consumers.